Luca di Montezemolo Steps Down As Fiat Chairman

Luca di Montezemolo has stepped down as the chairman of Fiat and he is to be replaced by 34-year-old John Elkann. Montezemolo will however continue to function as the president of Ferrari and he declined any reports of joining the Italian Politics or even forming an individual party, insisting that he will always be on the Fiat board and he will never stop heading Ferrari. Montezemolo also mentioned that he is still in favor of major teams such as Ferrari and McLaren being allowed three cars in the Grand Prix circuit. Another one of his desires is to see Rossi competing in the F1 after he wins the MotoGP for the umpteenth time this season.

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